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(CNN) -- Venezuela will give a 300-acre island in the Delaware River to the state of New Jersey, the governor's office announced. The Venezuelan-owned Citgo Petroleum Corp. had bought Petty's Island -- between Camden, New Jersey, and Philadelphia, Pennsylvania -- to use as a fuel storage facility. Citgo has agreed to create a $2 million fund to allow the Natural Lands Trust, a state land-preservation board, to manage the island, the release said. The company is setting up another $1 million fund to help establish a cultural and education center. Activities on the island will be limited to hiking and bicycle riding, the governor's office said. The island is part of Pennsauken Township, New Jersey.

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The island is home to a pair of American bald eagles as well as several great blue herons and state-endangered black-crowned night herons, New Jersey Gov. Jon S. Corzine said in a news release Wednesday.Venezuelan leader, Hugo Chavez announced the island's transfer as part of Wednesday's Earth Day celebrations. Plans are being finalized for the transition, which will not occur before 2020, Corzine's office said. The New Jersey Department of Environmental Protection must certify that Citgo's cleanup of the island has met state standards before the title can be transferred, the news release said.

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Gee thanks, Hugo. What a lovely gift. :irked: An oil and chemical soaked island in the middle of the Delaware. All we have to do is wait 10 years for it to be allegedly clean enough for humans to visit and it's ours. Oh and we'll have to pay to create a ferry system to get people there and back or build a bridge. Just what New Jersey needs another polluted piece of land to give people cancer.

Isn't a gift something which the recipient is supposed to be glad to receive. Something which does not cause them undue stress and expense.

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"Plans are being finalized for the transition, which will not occur before 2020, Corzine's office said. The New Jersey Department of Environmental Protection must certify that Citgo's cleanup of the island has met state standards before the title can be transferred, the news release said."

I don't get it. What's the problem here? The transfer doesn't happen until the state certifies the clean-up, which will presumably paid for by Citgo.

Would you rather that Citgo continues to use and pollute the island more? Or should they just walk away from it and leave a festering mess? What's the problem?